Minimum wage
Our selected task for this independent learning project is Task 2 — a controversial economic issue. The issue we have chosen to discuss is the minimum wage law in Singapore. The concepts that we will be using in our evaluation of this controversial issue are the Supply and Demand Framework (Neoclassical Model), Market Failure Concepts, Price Elasticity of Supply and Price Floor/Minimum Wage concepts. These concepts will be further explained in the "Concepts" section.
The minimum wage law is a law that effectively places a price floor on wages of employees in the market. It is the lowest daily or monthly renumeration that employers may legally pay to workers. Equivalently, it is the price floor below which workers may not sell their labour. |
AustraliaAustralia has the highest minimum wage, with $16.88 Australian dollars per hour
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United States of AmericaAmerica is the leading economy in the world, hence it would be interesting to look into their existing minimum wage law. Currently, America's minimum wage is the 7th highest in the world at $7.25 per hour.
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Sierra LeoneSierra Leone has the lowest minimum wage in the world at $0.38 per hour
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